Historic Triplex with Separate
For Sale
$694,900
418 W Hayman Boulevard lot 30-33, Kill Devil Hills, NC 27948
RESIDENTIAL, Historic, Kill Devil Hills, NC
Property Size2,650 SF
Lot Size0.23 Acres
Price / SF$262.23
Days on Market92
Property Features for 418 W Hayman Boulevard lot 30-33
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 5
Parking features
Off Street
Interior features
All Window Treatments, Dryer Connection, Washer Connection
Appliances
Dishwasher, Dryer, Range/Oven, Refrigerator, Washer, 2nd Refrigerator, Stackable Washer/Dryer
Subdivision
Va Dare Shores
Lot features
Level
Directions
From Bypass, take W Hayman Blvd; #418 is down on the right.
Standard status
Active
Size
2,650 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1328
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1945
Number of units
3
Flooring type
Vinyl, Wood
Building materials
Frame, Wood
Roof type
Shingle
Architectural style
Other
Listing Agency:
Atlantic Realty
(252) 261-2154
Listed By:
Barbara Gudoski
(252) 207-8902
Added: Jun 15
Changed: Sep 12
Last Checked: Sep 14 at 4:06PM
MLS# 133183
Copyright © 2026 Outer Banks Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,650-square-foot triplex combines a 3BR main residence with a 1BR apartment and an upstairs studio. Each unit has a full kitchen and washer/dryer access, while the main home features wood detailing, wood and vinyl flooring, and heat-pump systems for heating and cooling. The property was constructed in 1945 and includes off-street parking on a 0.23-acre lot.
Located in Kill Devil Hills, the property provides access from Hayman Boulevard to both the ocean beach and the sound, with parking available at the beach access and a few spaces at the sound access. A nearby community park adds another neighborhood amenity. The RL-zoned property supports a range of living arrangements, including continued rental use, owner occupancy of the main home with separate apartments, or shared family living with independent spaces.
Located in Kill Devil Hills, the property provides access from Hayman Boulevard to both the ocean beach and the sound, with parking available at the beach access and a few spaces at the sound access. A nearby community park adds another neighborhood amenity. The RL-zoned property supports a range of living arrangements, including continued rental use, owner occupancy of the main home with separate apartments, or shared family living with independent spaces.
Key Highlights
- Three‑unit configuration: 3BR main house, 1BR apartment, and upstairs studio
- 2,650 square feet on a 0.23‑acre lot
- Built in 1945 with frame construction and wood interior detailing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,122
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$782,440
$782.4K
Cap Rate 7%
$558,886
$558.9K
Cap Rate 9%
$434,689
$434.7K
Market Conditions
NOI Build-Up for 2,650 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.8K $22.20/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$55.9K $21.09/SF
− OpEx
−$16.8K −$6.33/SF
NOI
$39.1K $14.76/SF
Area
Dare County, NC
Vacancy
5.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$782,440
Cap Rate 7%
$558,886
Cap Rate 9%
$434,689
Alternative Uses
Best Use
Multifamily LT 5
$558.9K
$489.0K – $652.0K
NOI $39,122 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$517.8K
$453.1K – $604.1K
NOI $36,245 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$639.6K
$559.7K – $746.2K
NOI $44,774 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 27948, NC
12,095
Population
10,143
Households
1.2
Avg Household Size
46
Median Age
43%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
1,301
Density / Sq Mi
$85,319
Median Household Income
$41,433
Median Earnings
$1,539
Median Rent
$398,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences share a historic wood-frame property with individual kitchens and laundry access.
Where is this triplex located?
The property is located at 418 W Hayman Boulevard lot 30-33 Kill Devil Hills, NC.
What is the asking price?
The asking price for this property is $694,900.
What are key features of this property?
This property features: Three‑unit configuration: 3BR main house, 1BR apartment, and upstairs studio; 2,650 square feet on a 0.23‑acre lot; Built in 1945 with frame construction and wood interior detailing
